Sberbank – Blockchain Economic Fund consists of crypto exchange stocks, crypto miners, mining equipment manufacturers and crypto service providers.
The managing company of the Sberbank group, Sberbank Asset Management, has created an exchange-traded fund (BUTF) focused on the blockchain economy. The company said about this in a press release.
BPIF “Sberbank – Blockchain Economy” follows the “Sberbank Blockchain Economics” index. This includes the securities of 17 companies related to blockchain technology. In particular, crypto exchange Coinbase shares, chipmaker NVIDIA, financial services provider Galaxy Digital, cryptominer Marathon Digital, crypto platform Bakkt, technology company MicroStrategy and others.
The new asset will have the ticker SBBE. It is the first exchange-traded fund on the Russian stock market that helps investors make money in the blockchain economy without buying digital assets, the management firm says.
“Direct investment in crypto assets is associated with high risk, it is difficult to assess it independently. Therefore, we propose to invest not in crypto assets, but in companies that ensure the development of blockchain technology, ”said Evgeny Zaitsev, CEO of Sberbank Asset Management.
Retail investors can buy shares through any Russian broker, the press release said. The cost of shares starts from 10 rubles.
It is noteworthy that the Sberbank Blockchain Economy index is calculated from October 1, 2021. Its value peaked at 166 percentage points in November. The SBBE is now at 103 percentage points.
According to the management company, the net asset value of the fund as of December 28 was 688.3 thousand rubles.
Recall that earlier in the month a fund appeared in the United States that monitors the non-fungible tokens (NFT) sector. This week, ProShares developed an ETF to track metaverse developers.